BTC loses the 50-week moving average; traders cling to $73K as they await CPI
BTC lost the 50-week moving average this week, posting five consecutive down days for the first time since mid-September.
Over the weekend, it fell below $75,000, briefly wicking down to around $73,510, and finished the week down 4.47%. Ethereum also lost the $2,100 level, hitting a low of $2,060. Spot ETFs saw net outflows for six consecutive weeks, with $365 million flowing out last week, including $346 million from BlackRock's ETHA.
Both bulls and bears are now focused on Tuesday's U.S. October CPI report. The 200-day moving average at around $73,200 and the 0.5 Fibonacci retracement level at $72,581 are key support levels. Above, $76,000 is the Gamma flip point; a decisive move above it on strong volume could open the door to $80,000.
Scenario 1: CPI comes in hotter than expected, sending BTC lower to test the $72,000 buy wall. Scenario 2: CPI cools moderately and U.S. stocks rebound, with an oversold bounce first targeting a move back above the 50-week moving average.
Which scenario do you lean toward? Will you reduce your position before CPI or wait for the data?
Source: PANews
Image 1: BTC loses the 50-week moving average; traders cling to $73K as they await CPI · Image from the source article
Image source: https://www.panewslab.com/zh/articles/01a1bfa3-2cf7-77b8-8ff0-54f17282164a
BTC lost the 50-week moving average this week, posting five consecutive down days for the first time since mid-September.
Over the weekend, it fell below $75,000, briefly wicking down to around $73,510, and finished the week down 4.47%. Ethereum also lost the $2,100 level, hitting a low of $2,060. Spot ETFs saw net outflows for six consecutive weeks, with $365 million flowing out last week, including $346 million from BlackRock's ETHA.
Both bulls and bears are now focused on Tuesday's U.S. October CPI report. The 200-day moving average at around $73,200 and the 0.5 Fibonacci retracement level at $72,581 are key support levels. Above, $76,000 is the Gamma flip point; a decisive move above it on strong volume could open the door to $80,000.
Scenario 1: CPI comes in hotter than expected, sending BTC lower to test the $72,000 buy wall. Scenario 2: CPI cools moderately and U.S. stocks rebound, with an oversold bounce first targeting a move back above the 50-week moving average.
Which scenario do you lean toward? Will you reduce your position before CPI or wait for the data?
Source: PANews
Image 1: BTC loses the 50-week moving average; traders cling to $73K as they await CPI · Image from the source article
Image source: https://www.panewslab.com/zh/articles/01a1bfa3-2cf7-77b8-8ff0-54f17282164a
